Google’s parent Alphabet Inc (GOOGL.O) is eliminating about 12,000 jobs, or 6% of its workforce, it said Friday, as Silicon Valley reels from recent layoffs and faces a troubled outlook.
Alphabet, whose shares rose 3% in pre-market trading, is making the cuts just as the U.S. company confronts a threat to its long-held perch atop the technology sector.
For years Alphabet has attracted top talent to build Google, YouTube and other products that reach billions of users, but it is now locked in competition with Microsoft Corp (MSFT.O) in a burgeoning area known as generative artificial intelligence.
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